Medical Expenses

Medical Expense

​​Medical Expenses

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Medical bills are reported to be the number one cause of U.S. bankruptcies. One study has claimed that 62.1% of bankruptcies were caused by medical issues.7
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There is no doubt that medical expenses, and therefore bills, are high. The KFF found that wage increases are not keeping up with rising health care costs—medical insurance premiums increased 54% while earnings have increased by only 26% since 2009 .8
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2019 found that 66.5% of bankruptcies in the U.S. were due to medical issues like being unable to pay high bills or due to time lost from work. 9
When we talk with people about medical expenses, most believe they are prepared for unexpected medical bills because “we have health insurance.” Well, I am here to share with you that health insurance (if you do have it –- because it is so expensive) may not cover your medical expenses. I know first-hand that this is true. Our family had to come up with an alternative to pay medical bills ($200,000+) when our loved one had to have two surgeries – the first one to save his life (profuse bleeding) and the second so he would be able to “hopefully” have use of his hand.

When you are in the midst of this type of ordeal, it is emotionally draining and the last thing you need to think about is “how am I going to pay for this?” We had a young family and were self-employed (meaning if you are not working, you have no income). When you are in a hospital bed or recovering, there is no income. How do you pay your normal living expenses (mortgage/rent, utilities, food), let alone a tremendous number of doctors and hospital bills? Are you expected to drain your savings, your kids’ college fund, or your retirement savings (401(k)/IRA)? How do you come back from that? These are the questions that our family was faced with. We know that we are not the only family that has been faced with these challenges. In fact, in April 2020, the American Public Health Association reported that in 2019, 66.5% of bankruptcies in the U.S. were due to medical issues like being unable to pay high bills or due to time lost from work.

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A&M Futures has strategies that you can put in place so you do not become one of these statistics. If you or your loved one are suffering from a qualifying illness or injury, such as heart attack, cancer, or disabling injury, you can use your tax-free benefits however you need and pay for:

  • Lost income
  • Medical expenses
  • Long-term care
  • Outstanding debts

​​Solutions:

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A&M Futures can help with these “what ifs”:

  • Terminal Illness
  • Critical Illness
  • Critical Injury
  • Critical Injury
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If you are suffering from a qualifying illness or injury, such as heart attack, cancer, or disabling injury, you can use your tax-free benefits however you need and pay for:

  • Lost income
  • Medical expenses
  • Long-term care
  • Outstanding debts
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Your finances are the last thing you should worry about in a crisis.

References

  1. The COVID-19 pandemic’s financial impact on US consumers: Consumer pulse. TransUnion. (2021, March 16).
  2. Pascarella, D. (2021, June 28) 4 stats. That reveal how badly America is failing at financial literacy. Forbes
  3. Resendiz, J. (2020, May 27). Average credit card debt in America: June 2020. ValuePenguin
  4. Simon, J (2017, September 25). Americans fear exhausting money in retirement more than death. PlanAdvis
  5. O’Shea, A. (2021, March 17). The average 401(k) balance by age. NerdWallet.
  6. LIMRA. (2021). Facts About Life 2021. LIMRA
  7. Amadeo, K. (2021, April 30). Do medical bills really devastate America’s families? Thebalance
  8. Kaiser Family Foundation. “Benchmark Employer Survey Finds Average Family Premiums Now Top $20,000.” Accessed March 20, 2020.
  9. American Public Health Association. “Medical Bankruptcy: Still Common Despite the Affordable Care Act,” Page 432. Accessed April 28, 2020